PERSONAL LOAN Definition & Meaning

personal loan

[ pur-suh-nl lohn ]

Phonetic (Standard)IPA

noun

Finance.

a loan made for discretionary use typically to a person with a high credit score who is generally not asked to provide collateral to back up the loan. A personal loan may be used for almost any purpose, such as consolidating credit card debt, making home improvements, or making a major purchase.
She got a personal loan so she could take time off from work and go on a round-the-world cruise.

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�y��vlog History and Origins

Origin of personal loan¹

First recorded in 1850–55

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Example Sentences

Examples have not been reviewed.

"Credit card balances or personal loans can be especially draining on your finances," so you may want to tackle paying off high-interest debt sooner rather than later.

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B. Riley Financial Inc. received more demands for information from federal regulators about its dealings with now-bankrupt Franchise Group as well as a personal loan for Chairman and co-founder Bryant Riley.

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Mr Johnson earned just over £13,000 a year, so finance involved a hire-purchase agreement and an extra personal loan.

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Jason Gagnon, a spokesman for Calvert’s office, said one property was disclosed properly and the other was a personal loan that Calvert disclosed “even though he was not required to do so.”

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Lending Tree’s definition of “debt” includes credit card debt, personal loans, borrowing against one’s home and debt that incurs interest.

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